Wednesday, September 7, 2011
What is the Congressional super committee, or "Gang of 12"?
As you may have heard, a Congressional "super committee" will soon begin meeting to work on a plan to lower the national debt. The super committee was created in early August as part of the deal to raise the national debt ceiling. That deal became law, which directed Congress with a minimum amount of spending to cut from the federal budget.
The committee is mandated to present a plan to Congress that would reduce our nation's debt by at least $1.2 trillion by Thanksgiving. Reductions may be achieved through spending cuts, revenue increases, or a combination of both.
The super committee has been referred to as the "Gang of 12" after the 12 members of Congress named to the committee—six Democrats and six Republicans (three each from both chambers of Congress). The committee has two co-chairs, one from each party. The members are as follows:
Check my website for more information as negotiations progress and ultimately a deal is reached.
“ The super committee is mandated to present a plan to Congress that would reduce our nation's debt by at least $1.2 trillion by Thanksgiving. Reductions may be achieved through spending cuts, revenue increases, or a combination of both. ”